Question

26. On 1.9.1990 a serious fire occurred at the premises of Reckless Ltd. and interrupted
their business activities until 31.12.1990, when normal trading conditions were
re-established. Reckless Ltd. is insured under loss of profit policy for Rs. 84,000, the
period of Indemnity being six months.
Ascertain the following information:-
(1) The Net Profit for the year ended 31.12.1989 was Rs. 40,000.
(2) The annual insurable standing charges amounted to Rs. 60,000 of which
Rs. 4,000 were not included in the definition of insured standing charges
under the policy.
(3) The additional cost of working in order to mitigate the damage caused
by the fire amounted to Rs. 7,200 and but for this expenditure, the
business would have had to shut down.
(4). The savings in insured standing charges in consequence for the firm
amounted to Rs. 3,000
(5) The turnover for the periods of four months ended April 30, August 31
and December 31 in each of the 1989 and 1990 was as under:
Year
Rs.
Rs.
Rs.
1989 1,30,000 1,60,000 1,90,000
1990 1,40,000 1,60,000 30,000
You are required to compute the relevant claim under the terms of the loss of profit
policy​

Answer 1

Answer:

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